In 2004, this economist wrote a book arguing against converting Social Security to a funded system, work which draws on his earlier analysis of the efficiency-enhancing properties of inter-generational debt. In one paper, this economist showed that partial equilibrium models of price dispersion motivated by search costs could not survive in general equilibrium, since sellers would not deviate from monopoly pricing. This man's Coconut Model features agents who will only climb trees if others are doing the same and so will have goods available to trade, an idea that moti
In 2004, this economist wrote a book arguing against converting Social Security to a funded system, work which draws on his earlier analysis of the efficiency-enhancing properties of inter-generational debt. In one paper, this economist showed that partial equilibrium models of price dispersion motivated by search costs could not survive in general equilibrium, since sellers would not deviate from monopoly pricing. This man's Coconut Model features agents who will only climb trees if others are doing the same and so will have goods available to trade, an idea that motivates the matching function that is this man's contribution to the model named for him, Mortensen, and Pissarides. Nominated to the Federal Reserve Board by President Obama in 2010, name this MIT economist, declared academically unqualified to serve by Senator Richard Shelby several weeks before he won the Nobel Prize.
In 2004, this economist wrote a book arguing against converting Social Security to a funded system, work which draws on his earlier analysis of the efficiency-enhancing properties of inter-generational debt.
{Peter Diamond}